Property Overview: 23 Rachel Street, Winnipeg
Key Characteristics & Appeal
This 1976-built home in River East presents a distinct value proposition centered on its land. At 852 sqft, the living space is notably compact, ranking well below averages for the street, neighborhood, and city. However, this is balanced by a generously sized lot of 9,686 sqft, which ranks in the top 7% city-wide and is the largest on its block. The assessed value of $364k is consistently around the average for its immediate area.
The primary appeal lies in this land-to-structure ratio. It suits a specific buyer: someone who values outdoor space for gardens, recreation, or future expansion more than expansive interior square footage. It’s a practical entry point into homeownership in a stable neighborhood, where the value is anchored more in the property's potential than its current footprint. It could also appeal to downsizers seeking manageable indoor maintenance without sacrificing yard space. A less obvious perspective is that a smaller, efficiently designed home on a large lot can offer lower utility costs and a greater sense of privacy than a larger home on a standard plot.
Frequently Asked Questions
1. Is the house too small?
At 852 sqft, it is significantly smaller than typical area homes. It will suit those comfortable with compact, efficient living or those viewing the existing structure as a starting point with expansion potential.
2. Why is the assessed value average if the lot is so large?
Municipal assessments typically weigh finished living area heavily. Here, the premium lot size balances the below-average square footage of the home, resulting in a total assessed value that aligns with neighborhood norms.
3. What is the potential for adding on or rebuilding?
The large lot is a key asset for future expansion or redevelopment, subject to local zoning bylaws. This potential is a core part of the property’s long-term value.
4. How reliable is the sold price data shown?
The displayed sold price range (CA$300k–350k for 11/2020) is based on public data, not the MLS. For fully verified and exact historical sale figures, you must request a manual lookup via email through the site.
5. How does this home compare to others nearby?
It has a smaller living area than most direct neighbors but sits on a larger parcel of land. Nearby comparable properties, like those on Rachel Street and Chornick Drive, often have more interior space (1,000-1,200+ sqft) on smaller, more standard-sized lots.